WeWork halves full-year loss

WeWork has lifted full-year revenue and halved its loss after its best quarter for sales over the past year. Fourth-quarter revenue of $848m (£704m) was a fifth higher than in the same period of 2021 and marked a quarterly high for revenue in 2022. The company posted a net loss of $527m following an $803m loss a year ago. This left full-year revenue at $3.2bn, up by more than a quarter, and a full-year loss of $2.3bn, half of 2021’s $4.6bn. In an investor presentation to accompany the results, the company said it has exited 250 leases since the start of 2020 and amended a further 500 as part of an “optimised portfolio”. Physical memberships rose by 17% year-on-year, with occupancy hitting 75% at the end of the year. “Our fourth quarter results demonstrate that we accomplished what we set out to do in fiscal year 2022 by staying focused on reducing expenses, optimising our portfolio, growing revenue and increasing occupancy,” said chief executive Sandeep Mathrani. “We remain committed to building on this momentum while also enhancing our balance sheet.” The company expects its first-quarter revenue to be between $830m and $855m and adjusted EBITDA to be between a $25m loss and breaking even. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Photo © WeWork